Periscope Equity has recapitalized Nashville-based CyberMaxx, a cybersecurity firm for the healthcare industry. No financial terms for the transaction that was done in partnership with CyberMaxx management.
Chicago, IL (August 17, 2021) — Periscope Equity, a lower middle-market private equity firm focused on investments in technology-enabled business services, announced today that it has invested in CyberMaxx, LLC through a recapitalization in partnership with management.
CyberMaxx provides the healthcare industry with a full suite of services to prevent, detect, and respond to cyberattacks. Founded in 2009 and headquartered in Nashville, CyberMaxx’s proprietary software, along with its extensive healthcare expertise, protects highly regulated industries that require cloud-based and on-premise security solutions.
CyberMaxx Co-Founder Thomas Lewis commented, “This investment will advance our innovation to remain ahead of cyber criminals. As our growth continues to accelerate, we remain steadfast in our goal of being the healthcare industry’s leading trusted cybersecurity partner.”
Since the healthcare industry is responsible for storing personal healthcare information, it is increasingly a more frequent target for cyber attackers. Cybersecurity Ventures predicts healthcare companies suffer two to three times more cyberattacks than companies in other industries. According to Health IT Security, between 2017 and 2020, ransomware attacks on healthcare organizations quadrupled and are expected to increase five-fold by the end of 2025.
“We are very excited to partner with Periscope on this next phase of growth. Their extensive experience with high-growth healthcare and technology companies and their relentless focus on creating value aligns perfectly with our efforts to drive innovation in healthcare cybersecurity,” said CyberMaxx CEO Jason Riddle.
The company’s software and services provide complete coverage from the network core to endpoint threat detection providing peace of mind that a customer’s systems, infrastructure, and data are secure. Through its proprietary Security Information and Event Management product, CyberMaxx’s Security Operations Center is able to provide around-the-clock threat detection and response for a fully outsourced security offering. In addition to its core Managed Detection and Response offering, CyberMaxx provides incident response, and risk assessment services for customers looking to better understand their security profile.
“CyberMaxx’s expertise positions them on the forefront of keeping our nation’s healthcare providers and their patients safe and secure,” said Periscope Managing Partner Steve Jarmel. “Through product expansion, team development, and strategic acquisitions, we expect CyberMaxx to entrench further its position as the go-to provider for managed cybersecurity for the U.S. healthcare industry.”
Periscope Vice President Mo Wilkie added, “CyberMaxx provides the gold standard of customer service and through our research it was clear customers view the CyberMaxx team as an extension of their own. We are excited to partner with Jason and the management team during the company’s next phase of growth.”